All other State colleges may, with the approval of the State Board of Education, elect to become universities and be operated under the provisions of this act. The board of trustees of any such State college may submit a plan to the State Board of Education, which shall include the proposed name of the State college, the degrees which it proposes to confer, the courses to be offered, the schools to be established and such other information as the State Board of Education may require. Whenever the State Board of Education is satisfied that any such plan is in the best interest of higher education, and that the State college is adequately equipped and capable of implementing the plan it shall approve the plan and the State colleges shall thereafter be operated under the provisions of this act in so far as they are applicable.